Mar 31, 2015
We have audited the accompanying financial statements of CONFIDENCE
FINANCE AND TRADING LIMITED ("the Company TL which comprise llie
Balance Sheet as at 3I'1 March. 2015. the Statement of Profit arid Loss
[lie cash flow statement for the year then ended, and a summary of the
significant accounting policies ami other explanatory information,
Management's Responsibility lor the Financial Statements
The Company's Board of Directors is responsible ibr the matters
stated in Section 134(51 of the Companies Act, 2013 ("the Act")
with respect to the preparation of these financial statements that give
a true and fait view of the financial position, financial performance
and cash nows of the Company in accordance with (he accounting
principles generally accepted in India, including the Accounting
Standards specified under Section 133 of the Act, read whh Rule 7 of
the Companies: (Accounts! Rules. 2014. This responsibility also
includes main tenance of adequate accounting records in accordance'
With the provisions of the Act for safeguarding of ills assets of the
Company and ior preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies: making judgments and estimates that are reasonable and
prudent: and design, implementation and maintenance of adequate
internal financial controls, dial were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and, fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act. the accounting
and auditing standards and matters which ore required to be included in
the audit report tinder the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143110) of the .Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance aboui whedter die financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in die financial statements. The
procedures selected depend on the auditor's judgment. Including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures dial are
appropriate m the circumstances. Inn not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of Lite accounting policies used and Hie reasonableness
of the accounting estimates made by the Company's Directors, as. well
as evaluating tlie overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our qualified audit opinion on the
financial statements.
Basis fur Qualified Opinion
The company has nor compiletlwhli the provisfpits of .section 186 oj
the Companies Act, 2013 white granting tonus in excess of Sintit
prescribed under section 186( 2 ) and n3thout passing Special
resolution as required under section 186(3) of the Companies Act. 2013.
Qualified Opinion
lii our opinion and to the best of"our information and according to the
explanations given to us, subject to the matter slated in the Basis for
qualified paragraph, the aforesaid financial statements give the
information required by the Act in the manner so required and give' a
true and fair View in conformity With the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31/03/2015, and its Profit and it's cash flows for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors' Report) Order, 2015
("the Order") issued by the Central Government of India in terms of
sub section (11) of section 143 of the Act, we give in the Annexure a
statements on the matters specified in paragraphs 3 and 4 of the order,
to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the cash
flow statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 3lsl March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report iu accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company does not have any pending litigations on its financial
position in its financial statements.
ii. The Company does not have long-term contracts including derivative
contracts for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company
CONFIDENCE FINANCE AND TRADING LIMITED Annexure to the Independent
Auditors' Report
The annexure referred to in our Independent Auditor's Report to the
members of the Company on the financial statements for the year ended
31st March, 2015, we report that:
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
(ii) (a) As explained to us, inventories have been physically verified
by the management at regular intervals during the year.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
(iii) The Company has not granted any loan to entities covered in the
register maintained under section 189 of the Companies Act, 2013
('the Act').
(iv) In our opinion and according to the information and explanations
given to us there is adequate internal control system commensurate with
the size of the company and the nature of its business for the purchase
of inventory and fixed assets and for the sale of goods and services.
During the course of audit we have not observed continuing failure to
correct major weaknesses in internal control system.
(v) The Company has not accepted any deposits from the public.
(vi) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the services
rendered by the Company.
(vii) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including Investor Education
Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty, Cess and other material statutory dues applicable to
it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth
Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax or
Cess and any other statutory dues with the appropriate authorities were
in arrears, as at 31st March, 2015 for a period of more than six months
from the date they became payable.
(c) According to the information and explanations given to us the
amounts which were required to be transferred to the Investor Education
and Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has not been
transferred to such fund within time.
(viii) The company does not have any accumulated losses at the end of
the financial year and has not incurred cash losses in the financial
year and in the immediately preceding financial year.
(ix) The company has not defaulted in repayment of dues to financial
institution or bank.
(x) On the basis of records examined by us and information provided by
the management, we are of the opinion that the company has not given
guarantees for loans taken by other from banks or financial
institutions.
(xi) The company does not have any term loan outstanding during the
year.
(xii) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For Suresh Anchaliya & Co.
Date : 30th May, 2015 Chartered Accountants
Place: Mumbai Firm Regn. No. :112492W
Suresh Anchaliya
Partner
M.No.: 044960
Mar 31, 2014
We have audited the accompanying financial statements of Confidence
Finance and Trading Limited, ("the Company") which comprise the Balance
Sheet as at 31st March , 2014, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended and a summary of the
significant accounting policies and other explanatory information.
MANAGEMENT''S RESPONSIBILTY FOR THE FINANCIAL STATEMENTS
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company
in accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
AUDITOR''S RESPONSIBILTY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements.
The procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the Management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of sub- section (4A) of
section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
In terms of information and explanations given to us and the books and
records examined by us in the normal course of audit and to the best of
our knowledge and belief, we state as under:
1. In respect of its Fixed Assets :
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its Inventories :
a) As explained to us, inventories have been physically verified by the
management at regular intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The Company has maintained proper records of inventories. There was
no material discrepancies noticed on physical verification of
inventory.
3. In respect of its Loans and Advances :
a) The Company has not granted any loans, secured or unsecured to
Companies, firms or other parties covered in the register maintained
u/s. 301 of the Companies Act, 1956.
b) In respect of loans, secured or unsecured taken by the company from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1961
i. the Company has taken loan from one party and the amount involved
is Rs. 45,959/- ii. the rate of interest and other terms and condition
of loan taken are not prejudicial to the interest of the company. iii.
the payment of interest on loan and principal is regular.
4. In our opinion and according to the information and explanations
given to us and as verified by us, there are adequate internal control
procedures commensurate with the size of the Company and the nature of
its business for the purchase of inventory, fixed assets and also for
the sale of goods. During the course of our audit, we have not observed
any major weaknesses in internal controls and found no continuous
failure to correct the weakness.
5. In respect of transactions covered under Section 301 of the
Companies Act, 1956, in our opinion and according to the information
and explanations given to us, the transactions made in pursuance of
contracts or arrangements that needed to be entered into in the
register maintained under Section 301 of the Companies Act, 1956, have
been so entered. The transaction have been made at prices which are
prima facie reasonable having regards to prevailing market price at the
relevant time.
6. In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposits from the public
u/s.58A and 58AA of the Companies Act, 1956.
7. In our opinion, the internal audit system of the Company is in
commensurate with its size and nature of its business.
8. The Central Government has not prescribed maintenance of Cost
Records under Section 209 (1) (d) of the Companies Act, 1956, for the
product of the Company.
9. In respect of statutory dues :
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees'' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, and other
statutory dues have been generally regularly deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March, 2014, for a period of more than
six months from the date of becoming payable.
b) There are no dues of Sales Tax, Income Tax, Service Tax, Custom Tax,
Wealth Tax etc. which have not been deposited on account of any
dispute.
10. The Company has no accumulated losses of more than fifty percent
of its net worth and has not incurred any cash losses during the
financial year covered by our audit or in the immediately preceding
financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. According to the information and explanation given to us, the
company is dealing or trading in shares, securities, debentures and
other investments.
15. The Company has not given guarantees for loans taken by others
from banks or financial institutions.
16. The Company has not raised any new term loans during the year and
there is no loan outstanding at the beginning of the year.
17. According to the records examined and the information and
explanation given to us on overall basis, funds raised for short term
basis have prima-facie not been used during the year for long term
investments.
18. During the year, the company has not made any preferential
allotment of shares.
19. The Company has not raised any money by way of issue of
debentures.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
Place: Mumbai For Suresh Anchaliya & Co.
Date: 28th May, 2014 Chartered Accountants
Firm Regn. No.112492W
Suresh Anchaliya
Partner
Membership No. 044960
Mar 31, 2013
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Confidence
Trading Company Limited, ("the Company") which comprise the Balance
Sheet as at 31st March , 2013, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended and a summary of the
significant accounting policies and other explanatory information.
MANAGEMENT''S RESPONSIBILTY FOR THE FINANCIAL STATEMENTS
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
AUDITOR''S RESPONSIBILTY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the Management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 315t March, 2013;
(b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of sub- section (4A) of
section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(b) in our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
In terms of information and explanations given to us and the books and
records examined by us in the normal course of audit and to the best of
our knowledge and belief, we state as under:
1. In respect of its fixed assets :
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. a) As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The Company has maintained proper records of inventories. There was
no material discrepancies noticed on physical verification of
inventory.
3. a) The company has not taken any loans and advance from the parties
covered in the register maintained u/s.301 of the Companies Act, 1956.
b) The company has not granted any loans, secured or unsecured to/from
companies, firms or other parties covered in the register maintained
u/s.301 of the Companies Act, 1956.
4. in our opinion and according to the information and explanations
given to us and as verified by us, there are adequate internal control
procedures commensurate with the size of the Company and the nature of
its business for the purchase of inventory, fixed assets and also for
the sale of goods. During the course of our audit, we have not observed
any major weaknesses in internal controls and found no continuous
failure to correct the weakness.
5. The company has not entered into transaction with the parties
covered under section 301 of the Companies Act, 1956.
6. In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposits from the public
u/s,58A and 58AA of the Companies Act, 1956.
7. In our opinion, the internal audit system of the Company is in
commensurate with its size and nature of its business.
8. The Central Government has not prescribed maintenance of Cost
Records under Section 209 (1) (d) of the Companies Act, 1956, for the
product of the Company.
9. In respect of statutory dues :
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees'' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, and other
statutory dues have been generally regularly deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March, 2013, for a period of more than
six months from the date of becoming payable.
b) There are no dues of Sales Tax, Income Tax, Service Tax, Custom Tax,
Wealth Tax etc. which have not been deposited on account of any
dispute.
10. The Company has no accumulated losses of more than fifty percent
of its net worth and has not incurred any cash losses during the
financial year covered by our audit or in the immediately preceding
financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. According to the information and explanation given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments.
15. The Company has not given guarantees for loans taken by others
from banks or financial institutions.
16. The Company has not raised any new term loans during the year and
there is no loan outstanding at the beginning of the year.
17. According to the records examined and the information and
explanation given to us on overall basis, funds raised for short term
basis have prima-facie not been used during the year for long term
investments.
18. During the year, the company has not made any preferential
allotment of shares.
19. The Company has not raised any money by way of issue of
debentures.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
Place: Mumbai For Suresh Anchaliya & Co.
Dated: 29Bl May, 2013 Chartered Accountants
Firm Registration No: 112492W
CA Suresh Anchaliya
Partner
Membership No.: 044960
Mar 31, 2012
1.We have audited the attached Balance Sheet of Confidence Trading
Company Limited as at 31st March, 2012 and also the Statement of Profit
and Loss and Cash Flow Statement of the Company for the year ended on
that date both annexed thereto. These financial statements are the
responsibility of the Company's Management. Our responsibility is to
express an opinion on these financial statements based on our Audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in financial Statements. An audit also includes assessing
the accounting principles used and significant estimates made by the
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure
hereto a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
4. Further to our comments in the Annexure referred to in paragraph 2
above, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
Audit;
b) In our opinion, proper books of account, as required by law, have
been kept by the Company, so far as appears from our examination of
those books;
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report comply with the mandatory
accounting standards referred in sub-section (3C) of Section 211 of the
Companies Act, 1956;
e) On the basis of written representations received from the directors,
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the director is disqualified as on 31st March,
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
significant accounting policies and other notes thereon, gives the
information required by the Companies Act, 1956, in the manner so
required, and present a true and fair view, in conformity with the
accounting principles generally accepted in India:
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
(ii) In the case of the Statement of Profit and Loss, of the Profit of
the Company for the year ended on that date; and
(iii) In the case of the Cash Flow Statement, of the Cash flows of the
Company for the year ended on that date.
ANNEXURE TO AUDITORS' REPORT
[Referred to in Para 3 of our report of even date]
In terms of information and explanations given to us and the books and
records examined by us in the normal course of audit and to the best of
our knowledge and belief, we state as under:
1. In respect of its fixed assets :
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable, having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. a) As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Companyand the nature of its business.
c) The Company has maintained proper records of inventories. There was
no material discrepancies noticed on physical verification of
inventory.
3. a) The company has not taken any loans and advance from the parties
covered in the register maintained u/s.301 of the Companies Act, 1956.
b) The company has not granted any loans, secured or unsecured to/from
companies, firms or other parties covered in the register maintained
u/s.301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us and as verified by us, there are adequate internal control
procedures commensurate with the size of the Company and the nature of
its business for the purchase of inventory, fixed assets and also for
the sale of goods. During the course of our audit, we have not observed
any major weaknesses in internal controls and found no continuous
failure to correct the weakness.
5. The company has not entered into transaction with the parties
covered under section 301 of the Companies Act, 1956.
6. In our opinion and according to the information and explanation
given to us, the Company has not accepted any deposits from the public
u/s.58A and 58AA of the Companies Act, 1956.
7. In our opinion, the internal audit system of the Company is in
commensurate with its size and nature of its business.
8. The Central Government has not prescribed maintenance of Cost
Records under Section 209 (1) (d) of the Companies Act, 1956, for the
product of the Company.
9. In respect of statutory dues :
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, and other
statutory dues have been generally regularly deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March, 2012, for a period of more than
six months from the date of becoming payable.
b) There are no dues of Sales Tax, Income Tax, Service Tax, Custom Tax,
Wealth Tax etc. which have not been deposited on account of any
dispute.
10. The Company has no accumulated losses of more than fifty percent
of its net worth and has not incurred any cash losses during the
financial year covered by our audit or in the immediately preceding
financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
14. According to the information and explanation given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments.
15. The Company has not given guarantees for loans taken by others
from banks or financial institutions.
16. The Company has not raised any new term loans during the year and
there is no loan outstanding at the beginning of the year.
17. According to the records examined and the information and
explanation given to us on overall basis, funds raised for short term
basis have prima-facie not been used during the year for long term
investments.
18. During the year, the price at which the preferential allotments of
shares to the parties and Companies covered in the Register maintained
under Section 301 of the Companies Act, 1956, are made is not
prejudicial to the interest of the Company.
19. The Company has not raised any money by way of issue of
debentures.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
Place: Mumbai For Suresh Anchaliya & Co.
Dated: 3rd September, 2012 Chartered Accountants
Firm Regn.No: 112492W
(Suresh Anchaliya)
Partner
M. No.: 044960
Mar 31, 2010
Re: Confidence TRADING COMPANY LIMITED
Referred to in paragraph 3 of our report of even date,
(i) The Company does not own any Fixed Assets.
(ii) The company does not have any inventory
(iii) (a) In our opinion, The company has not granted loans, secured or
unsecured, to the parties covered in the Register maintained under
section 301 of the Companies Act. 1956. Therefore, the provisions of
clause 4 (iii) - (b),(c),(d) of the Companies (Auditors Report) Order,
2003 are not applicable to the company
(b) In our opinion, the company has not taken loans, secured or
unsecured, during the year. Therefore, the provisions of clause 4(iii)
(f) & (g) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
(iv) In our opinion and according to the information and explanations
given to us, there exists adequate internal control system commensurate
with the size of the company and the nature of its business. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal control system of the company.
(v) In respect of transactions covered under Section 301 of the
Companies Act, 1956;
(a) According to the information and explanations given to us, there
are no transaction during the year that need to be entered into the
register maintained under section 301 of the Companies Act, 1956.
(vi) In our opinion and according to the information and explanations
given to us. the Company has not accepted any deposits from the Public.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under section 209(1)(d) of the Companies Act, 1956 for any of
the products of the company.
(ix) (a) According to the information and explanation given to us and
the records of the Company examined by us, in our opinion the Company
is generally regular in depositing the undisputed statutory dues
including Service Tax, Stamp Duty, Income Tax, and other major
statutory dues as applicable with appropriate authorities in India.
(b) According to the Information and explanation given to us, no
undisputed amounts payable in respect of Income Tax, as at 31st March
2010 for a period of more than six months from the date they become
payable.
(c) According to the Information and explanation given to us, and
records of the Company examined by us, there are no statutory dues of
Taxes or cess as at 31st March 2010, which have not been deposited on
account of any dispute,
(x) In our opinion and according to the information and explanations
given to us, the Company has no accumulated losses as at 31st March
2010. Further it has not incurred cash losses in the current financial
year and in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution or a bank.
(xii) In our opinion and according to the information & explanations
given to us, the company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
company.
(xiv) The company has maintained proper records of the transactions and
contracts in respect of dealing or trading in shares, securities,
debentures and other investments and timely entries have been made
therein. All the shares, securities, debentures and other investments
have been held by the company, in its own name except to the extent of
the exemption, if any, granted under section 49 of the Act.
(xv) In our opinion and according to the information and explanations
given to us, the company has not given guarantee for loans taken by
others from banks or financial institutions.
(xvi) The Company has not obtained any term loans. Accordingly, the
provision of Clause 4 (xvi) of the Companies (Auditors Report) Order,
2003 is not applicable to the company.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the funds raised on short-term basis have not been used for
long-term investment.
(xviii) The company has not issued any debentures. Accordingly, the
provisions of clause 4(xix) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
(xix) The company has not raised any money by public issues during the
year. Accordingly, the provisions of clause 4(xx) of the Companies
(Auditors Report) Order, 2003 are not applicable to the company.
(xx) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For Narendra Bhandari & Co.
Date:25/8/2010 Chartered Accountants
Place: Indore FRN:005125C
(Narendra Bhandari)
Partner
Membership No .073961
Mar 31, 2009
1.I have audited the attached Balance Sheet of Confidence Company Ltd
as at 31st March 2009 and the Profit & Loss Account for the period
ended on that date annexed thereto. These financial statements are the
responsibility of the Companys management. My responsibility is to
express an opinion on these financial statements based on my audit.
2.I conducted my audit in accordance with auditing standards generally
accepted in India. Those standards require that I plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable
basis for my opinion.
3. As required by the Companies (Auditors Report) Order, 2003("the
Order") issued by the Central Government of India in terms of Section
227(4A) of the Companies Act, 1956, I annex hereto a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. Further to my comments in the annexure referred to above, I report
that:
a) I have obtained all the information and explanations which to the
best of my knowledge and belief were necessary for the purpose of my
audit;
b) In my opinion, proper books of accounts as required by law have been
kept by the company, so far as appears from my examination of the
books;
c) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account;
d) In my opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956 to the
extent they are applicable to the company;
e) On the basis of the written representations received from the
Directors of the company as on 31st March 2009, and taken on record by
the Board of Directors of the company, I report that none of the
directors is disqualified as on 31st March 2009 from beinq appointed as
a director in terms of clause (g) of sub-section (1) of Section 274 of
the Companies Act, 1956
Annexure Referred to in Paragraph 3 my Report of even date to the
members of Confidence Trading Company Ltd
1. (a)The Company does not have any fixed assets. Hence clause
relating to Fixed assets are not applicable.
2. (a) The Company does not hold any inventories except shares and
hence the clause is not applicable.
3. (a) As informed, the company has not taken loans from companies,
firms or other parties listed in the register maintained under Section
301 of the Companies Act, 1956.
(b) As informed, the company has not granted loans to companies, firms
or other parties listed in the register maintained under Section 301 of
the Companies Act, 1956.
4. In my opinion and according to the information and explanations
given to me, generally there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventories and fixed assets and
for the sale of goods. During the course of my audit, I have not
observed any major weakness in the internal controls.
5. (a) To the best of my knowledge and belief and according to the
information and explanations given to me, I am of the opinion that
there were no transactions that need to be entered into the register
maintained under Section 301 of the Companies Act, 1956. Hence clause
(b) is not applicable.
6. In my opinion and according to the information and explanations
given to me, the Company has not accepted any deposits from "public"
attracting the provisions of Section 58A and 58AA of the Companies Act,
1956 or the rules framed there under.
7. In my opinion, the company has an adequate internal audit system
commensurate with its size and nature of its business.
8. The Central Government has not prescribed the Company under Section
209(1 )(d) of the Companies Act, 1956.
9. (a) According to the information and explanation provided to me,
the Company is generally regular in depositing undisputed statutory
dues including provident fund, investor education and protection fund,
employees state insurance, income tax, sales tax, wealth tax, customs
duty, excise duty, cess and other applicable statutory dues, with the
appropriate authority.
(b) In my opinion and according to the information and explanation
given to me, no undisputed amounts payable in respect, income tax,
sales tax, wealth tax, customs duty, excise duty, cess were in arrears,
as at March 31, 2009 for a period of more than six months from the date
they became payable.
10. In my opinion, the accumulated loss of the company exceeds the
total net worth as at the end of the financial year. The company has
not incurred cash losses in the current financial year.
11. According to the information and explanations provided to me, the
Company has not be audited in repayment of dues to financial
institutions, banks or debenture holders.
12. According to the information and explanations provided to me, the
Company has not granted advances on the basis of security by way of
pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provisions of clause 4 (xiii) of the Order
are not applicable to the Company.
14. The company has been dealing in shares, securities, debenture and
other investments for which proper records has been maintained by the
company of the transaction and contracts and timely entries have been
made therein. As informed to me shares, securities and debentures are
generally held by the company in its own name.
15. According to the information and explanations provided to me, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. In my opinion and according to the information and explanations
provided to me the Company has not raised any term loans during the
year.
17. In my opinion and according to the information and explanations
given to me, and on an overall examination of the Balance Sheet of the
Company, I report that no funds raised on short term basis have been
utilized for long term investment and vice versa.
18. According to the information and explanations provided to me, the
Company has not made any preferential allotment of shares to any
parties or companies covered in the register maintained under section
301 of the Companies Act, i956.
19. The company has not issued any secured debentures during the
period covered by my report. Accordingly, the provisions of clause
(xix) of the Order are not applicable to the Company.
20. The Company has not raised any money through public issue during
the period covered by my report.
21. According to the information and explanations given to me, no
material fraud on or by the Company has been noticed or reported.
Date: 18-05-2009 For Shabbir & Associates
Place: Chennai Chartered Accountants
Proprietor
Shabbir Kakosiwala N
Membership No: 217421